JPMorgan Chase Chairman and CEO Jamie Dimon attends a ribbon-cutting ceremony to open the company’s new headquarters at 270 Park Avenue in New York on October 21, 2025.
Eduardo Munoz | Reuters
JP Morgan Chase CEO Jamie Dimon said the bank is taking steps to address the impact of artificial intelligence on its workforce, and part of this requires a broader societal response to the potentially disruptive nature of AI.
At an investor conference late Monday, Dimon outlined the bank’s internal plans to shift employees into new roles as automation accelerates.
“We already have a massive relocation plan for our people,” Dimon said. “In fact, we talked about it today, but we need to step it up a little bit so that we can take in people who are being evacuated and provide other jobs for people who have been evacuated from AI.”
JPMorgan, the world’s largest bank by market capitalization, has the largest annual technology budget in the industry at nearly $20 billion. Company executives outlined ambitious plans to “fundamentally rewire” the company for the AI era.
Even at this early stage, bank employees provide a snapshot of what happens when companies adopt AI technology, including models from OpenAI and Anthropic used in JPMorgan’s AI portal.
While the number of employees at the bank has remained largely unchanged over the past year at 318,512, there have been changes behind the scenes. Operations and support staff decreased by 4% and 2%, respectively, as customer-facing and revenue-generating roles increased by 4%.
According to the bank’s presentation, it has achieved this by using technology to increase the number of accounts each manager can handle (up 6%), reduce the cost per unit of combating fraud (down 11%), and improve the efficiency of its software engineers by 10%.
Chief Financial Officer Jeremy Burnham said at an investor conference that JPMorgan has doubled its generative AI use cases this year, focusing on customer service and its technology workforce.
A JPMorgan spokeswoman declined to elaborate on Dimon’s comments about the relocation plan.
risk of confusion
When an analyst asked Dimon on Monday whether he was concerned about the risk of AI-induced unemployment (one of several concerns that have been raised in recent weeks as public company stock prices seem to slump with every update to AI models), Dimon replied: “We will deploy AI wherever possible to do a better job for our customers.”
The CEO has previously likened the potential impact of AI to that of electricity and printing presses.
Beyond his bank’s “massive repositioning plans,” Dimon expressed concern that the rapid adoption of AI could cause entire professions to lose their jobs.
As a thought experiment, he asked, what would happen if self-driving trucks were introduced overnight?
“Would you do it if we put 2 million people on the streets?” Dimon asked. “My next job is stocking shelves for $25,000 a year.”
Businesses and governments need to start planning for this risk now, including ideas such as support and training for displaced people, he said.
“Society has to think thoroughly about what it wants to do if this becomes such an issue,” Dimon said. “Now is the time to start thinking about it.”
